oil price slump pushes ruble down
Last Updated : GMT 20:41:34
Arab Today, arab today
Arab Today, arab today

Oil price slump pushes ruble down

Arab Today, arab today

Arab Today, arab today Oil price slump pushes ruble down

Monaco - Arabstoday

The ruble continued its slide in Monday’s morning trade on the MICEX-RTS foreign exchange market, amid negative foreign economic data and falling oil prices, with analysts predicting the central bank would intervene to defend the national currency. As of 11:38 a.m. Moscow time (07:38 GMT), the ruble plunged by 20 kopecks to 33.88 rubles to the dollar and by 43 kopecks against the euro to 42.08. The ruble value of the dollar/euro bi-currency basket fell by 22 kopecks to 37.49. Futures for Brent crude, an oil benchmark for global markets, plunged below the psychologically important $100 level for the first time since October on Friday and sank further to below $97 per barrel on Monday. Analysts had forecast before trade began that the ruble would remain under pressure, with the price of Brent crude now approaching $95 per barrel in Monday trade. Speaking over the weekend Central Bank of Russia Chairman Sergei Ignatyev did  not rule out  further  ruble declines, particularly if oil prices fall further. \"If oil prices halt  their decline, the ruble will likely gain in value. If oil prices continue to decline, then it is possible, but not absolutely guaranteed that the ruble will weaken but at much slower rates than what has happened because we will be much more active with forex interventions,\" Ignatyev said on Saturday at a meeting with Prime Minister Dmitry Medvedev. Most U.S. stock indices closed down 2.2-2.8 percent on Friday on weak labor data in the United States and negative economic data from Europe and China, causing increased investor concerns about the state of the global economy and prompting them to dump riskier assets, including the Russian ruble as a raw material currency, and seek refuge in the U.S. currency. “In this situation, the dollar has all the potential to strengthen further, including on the Russian market,” banking analyst Yury Kravchenko from Veles Capital said. China’s non-manufacturing purchasing managers’ index dropped to 55.2 in May from 56.1 in April while U.S. unemployment rose to 8.2 percent in May from 8.1 percent in April and payrolls increased less than the most pessimistic forecast, sending alarming signals to global markets. At the same time, the head of the Bank of Russia let it know on Friday that the regulator is starting to sell foreign currency more actively at the current levels to halt the ruble’s weakening, which may somehow cool the forex market players’ fervor,” he said. The Bank of Russia stayed away from active intervention in the domestic foreign exchange market during most of last week, letting the ruble value of the dollar/euro bi-currency basket move to the upper boundary of the 32.15-38.15 ruble range set by the regulator. The regulator intervened heavily only on Friday, selling some $200 million, when the ruble value of the bi-currency basket came close to the upper boundary of the bi-currency basket.   “But one should not forget about the fall of the (Brent) oil price below the psychologically important level of $100 per barrel. Further downward movement to the level of $90 per barrel will give a new impetus to foreign currency buyers on the Russian market,” Kravchenko said. His view was shared by Alexei Kozlov, chief analyst at UFS Investment Company. “On the one hand, further drops in oil prices and a new portion of negative economic data will exert pressure on the Russian ruble, on the other hand, the Bank of Russia’s more active interventions on the foreign market will reduce speculative demand for U.S. dollars and euros,” Kozlov said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil price slump pushes ruble down oil price slump pushes ruble down

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil price slump pushes ruble down oil price slump pushes ruble down

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Visit Jamaica for more than just sun

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today UN warns of conflict in Gaza

GMT 08:39 2017 Tuesday ,21 November

UN warns of conflict in Gaza
Arab Today, arab today Missouri problem mirrors woes

GMT 06:46 2017 Tuesday ,21 November

Missouri problem mirrors woes
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Fedra happy for “Between Two Worlds” success

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 00:54 2017 Monday ,20 November

Mideast in danger as London explores

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday